National Investment Managers Inc. is a nationally-based holding company focused on retirement plan administration and investment management. The company recently announced its financial results for the quarter and six months ended June 30, 2009, reporting record quarterly revenues.
The company posted second-quarter 2009 revenues at $14.1 million, up 19.7 percent from $11.8 million posted in 2008. For the first half of 2009, the company reported revenues of $26.7 million, an increase of 29.1 percent, from $20.7 million reported for the first six months of 2008.
The company’s earnings before interest, taxes, depreciation, amortization (EBITDA) was $4.7 million for the second quarter 2009, up from $3.8 million from the same period in 2008.
Steven Ross, CEO of NIVM, said the companyâ€™s results were boosted by strategic improvements and signal its ability provide results-driven services.
“Our record performance in the second quarter and first half of 2009 was driven by continued organic growth and operating improvements in our retirement plan administration business. Despite a difficult economy, our field operations posted significant gains in revenue, earnings, operating margins and cash flow,â€ Ross stated in the press release. â€œThese results clearly demonstrate the strength and stability of our business model, and are a credit to the exceptional capabilities of our organization. Through our strategy of building a national retirement services business based upon acquiring best-in-class Third Party Administrators (TPAs), we are able to provide exceptional retirement plan design, consulting and administration services to our local clients. The resulting long-term and trusted customer relationships have allowed us to grow our revenues even in a challenging economic environment.”
Net income for the second quarter was $2.5 million, or $0.03 cents per share, reflecting net income available to common shareholders of approximately $2.0 million, as compared to $833,000, or $0.01 cent per share, resulting in net income available for common shareholders of $340,000, for the same period the year prior.
“I am very pleased with this quarter’s financial results and proud of our people that drove this record performance. As a team, we continue to meet or exceed our aggressive growth plans by almost all financial metrics. Our firms have demonstrated consistent and predictable growth with strong cash flows and low client attrition rates despite a difficult economy, which is an indicator of the continued strong demand for retirement plan services.” John Davis, president and chief operating officer, stated. “We continue to stay on track with our strategic and operational plans toward the development and implementation of our national technology platform and administrative business model across the country. We have significant momentum across the organization and I believe we are rapidly establishing NIVM as a premier retirement services company on a national level and I look forward to continued growth.”